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2. Tax breaks after 50 you might not know about - AOL

   www.aol.com/finance/tax-breaks-after-50-you...

   Call 800-829-1040 for live assistance with the TCE and 888-227-7669 for more information about Tax-Aide. ... Taxpayers over 55 were once allowed a one-time $125,000 in capital gains exemption for ...

3. Capital Gains Tax Rates for 2023-2024 - AOL

   www.aol.com/capital-gains-tax-rates-2023...

   For assets held for more than a year, the long-term capital gains tax rate for tax year 2023 ranges from 0% to 28%, depending on your filing status, income and asset type, and few people qualify ...

4. Capital gains tax in the United States - Wikipedia

   en.wikipedia.org/wiki/Capital_gains_tax_in_the...

   Beginning in 1942, taxpayers could exclude 50% of capital gains on assets held at least six months or elect a 25% alternative tax rate if their ordinary tax rate exceeded 50%. [11] From 1954 to 1967, the maximum capital gains tax rate was 25%. [12] Capital gains tax rates were significantly increased in the 1969 and 1976 Tax Reform Acts. [11]

5. 6 Hidden Tax Breaks for Retirees - AOL

   www.aol.com/finance/6-hidden-tax-breaks-retirees...

   Typically, you would have a $550,000 taxable capital gain. Because you’ve owned the home and used it as your primary residence for at least two of the last five years, you get to exclude ...

6. Taxpayer Relief Act of 1997 - Wikipedia

   en.wikipedia.org/wiki/Taxpayer_Relief_Act_of_1997

   The $600,000 estate tax exemption was to increase gradually to $1 million by the year 2006. As inherited assets are automatically revalued to their current or "stepped-up" basis, any capital gains are permanently exempted from taxation. Family farms and small businesses could qualify for an exemption of $1.3 million, effective 1998. Starting in ...

7. Alternative minimum tax - Wikipedia

   en.wikipedia.org/wiki/Alternative_minimum_tax

   Due to the effect of the exemption phaseout, there are effective marginal tax rates of 32.5% and 35%. A lower tax rate continues to apply to long-term capital gains (and qualifying dividends). [11] While the TCJA amended exemptions and phaseouts for single and married filers, it did not change it for trusts. [12] [13] [14] [15]

8. Capital gains tax on real estate and selling your home - AOL

   www.aol.com/finance/capital-gains-tax-real...

   If you own and live in the home for two out of the five years before the sale, you will likely be exempt from any capital gains taxes up to $250,000 in profit, or $500,000 if married and filing ...

9. Home mortgage interest deduction - Wikipedia

   en.wikipedia.org/wiki/Home_mortgage_interest...

   In the United States, there are additional tax incentives for home ownership. For example, taxpayers are allowed an exclusion of up to $250,000 ($500,000 for a married couple filing jointly) of capital gains on the sale of real property if the owner used it as primary residence for two of the five years before the date of sale.